Disclaimer: The following content is provided for informational purposes only and does not constitute financial advice. The strategies and techniques discussed here are based on general knowledge and are intended to enhance understanding of various market concepts. Readers should conduct their own research and consider seeking advice from a certified financial advisor before making any investment decisions. The information provided does not account for individual circumstances, financial objectives, or risk tolerance.
1. Market Overview
- Current Price: $68,907 (as of Oct 21th, 12 PM UTC +8)
- Trend: Uptrend
- Market Sentiment: Bullish
Over the past week, BTC has exhibited a strong upward trend, recovering from lows around $64,000 on October 15 to current levels, approaching the $69,000–$70,000 resistance zone.
This steady price appreciation indicates a solid bullish momentum, with the price consolidating and making successive higher highs. The previous consolidation around $66,000–$67,200 between October 16–19 has been broken with the upward surge on October 20 and early 21, suggesting a continued uptrend. Key resistance is likely around the psychological level of $70,000.
2. Key Technical Indicators
| Name | Value | Signal |
| Relative Strength Index (14) | 58.00 | Neutral |
| Stochastic %K (14, 3, 3) | 84.00 | Neutral |
| MACD Level (12, 26) | 1,954.00 | Buy |
| Exponential Moving Average (10) | 64,188.00 | Buy |
| Exponential Moving Average (20) | 62,850.00 | Buy |
| Exponential Moving Average (30) | 61,123.00 | Buy |
| Exponential Moving Average (50) | 56,680.00 | Buy |
| Simple Moving Average (50) | 57,954.00 | Buy |
| Simple Moving Average (100) | 42,090.00 | Buy |
| Simple Moving Average (200) | 40,410.00 | Buy |
| Ichimoku Base Line (9, 26, 52, 26) | 60,768.00 | Neutral |
| Volume Weighted Moving Average (20) | 61,759.00 | Buy |
| Overall | Strong Buy | |
3. Support and Resistance Levels
P = Pivot point
S1 2 3 4 = Support level 1, 2, 3, 4
R1 2 3 4 = Resistant level 1, 2, 3, 4
Open: $62,848.40
High: $69,359.01
Low: $62,442.15
Close: $69,001.70
| Pivot | S4 | S3 | S2 | S1 | P | R1 | R2 | R3 | R4 |
|---|---|---|---|---|---|---|---|---|---|
| Classic | 50,675.8 | 57,592.7 | 64,509.6 | 66,934.3 | 71,426.4 | 73,851.1 | 80,768.0 | ||
| Fibonacci | 60,017.4 | 62,659.7 | 64,292.0 | 66,934.3 | 69,576.5 | 71,208.9 | 73,851.1 | ||
| DeMark | 58,805.1 | 60,623.6 | 65,721.9 | 67,540.5 | 72,638.8 | 74,457.3 | 79,555.6 | ||
| Camarilla | 65,197.4 | 67,099.6 | 67,733.6 | 68,367.7 | 69,635.7 | 70,269.8 | 70,903.8 | 72,806.0 |
4. Volume Analysis
- October 15–19: The volume was relatively mixed during this period. After the large green volume bars seen on October 15, indicating heavy buying interest, volume remained relatively muted during the consolidation. This indicated that sellers were losing strength, but buyers were waiting for a confirmed breakout.
- October 20–21: A notable increase in volume has occurred alongside the price rise, particularly on October 21 as Bitcoin climbed toward $69,000. The increased volume confirms the strength of the current upward move, suggesting that the rally is likely supported by significant buying activity rather than speculative spikes.
The recent volume surge aligns well with the price action, indicating solid bullish support as BTC approaches key resistance levels.
5. Sentiment Analysis
Market sentiment appears predominantly bullish, supported by the strong upward price movement and volume increase. As Bitcoin pushes toward $70,000, a key psychological and historical resistance level, traders and investors are likely feeling confident about further upside potential.
The steady price increase and absence of significant selling pressure point to optimism about Bitcoin’s near-term prospects. However, sentiment may shift quickly if BTC encounters strong resistance at $70,000 or if external macro factors (such as regulatory news or market-wide corrections) create uncertainty.
6. Trading Strategy for the Week
For Bullish Traders:
- Entry: Look for a confirmed breakout above $70,000. This level is a major resistance point, and if BTC breaks and holds above it with strong volume, it could signal a continuation of the bullish trend. Alternatively, a pullback to $68,000 or $67,500 (previous support areas) might offer a solid entry if it holds.
- Target: Short-term targets are $72,000 and $75,000 in the event of a successful breakout.
- Stop-Loss: Place a stop-loss around $67,000 to protect against potential pullbacks, especially if the price dips below recent support levels.
For Bearish Traders:
- Entry: If Bitcoin fails to break above $70,000 or shows signs of rejection at this level (e.g., price reversal with high selling volume), this could provide a short-selling opportunity.
- Target: Targets for a potential retracement include $67,500 and $66,000, where Bitcoin previously consolidated.
- Stop-Loss: Place a stop above $70,500 to mitigate risk in case of a renewed bullish breakout.
Range Traders:
- For those preferring to trade within ranges, focus on the $68,000–$70,000 zone. A range trade could be considered by buying near $68,000 and selling near $70,000, if Bitcoin remains range-bound temporarily before making a decisive move.
7. Conclusion
Bitcoin shows a strong bullish trend heading into the week of October 21–27, 2024, with price action nearing a crucial resistance level of $70,000. Rising volume supports the upward movement, indicating solid buying interest. Traders should watch for a potential breakout above $70,000, which could signal further gains, or a failure at this level that could lead to a retracement toward $68,000 and lower support levels.